Thursday 12 December, 2019

Jamaica Broilers raises $4 billion to pay off existing debt

Jamaica Broilers Group Limited (JBG) today announced that it raised billions to refinance existing debt.

The poultry and egg producer has advised that in a transaction completed on March 9 the company borrowed $4.738 billion by way of a syndicated loan.  

Borrowing at JBG total $5 billion for the Jamaican group which operates in the Caribbean and USA. Shareholder hold equity of $15.5 billion.

"JBG further advised that the moneys raised from the loan are being used to refinance the company’s existing debt and to prepay bonds issued by the company," according to the company on the Jamaica Stock Exchange (JSE).

Results show revenues moving to $35.6 billion over nine-months to January from $32.1 billion over the period a year earlier. Total comprehensive income grew to $1.3 billion from $728.5 million. 

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